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Food for Thought on Real Estate – October

  • Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher
  • Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
  • Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
    • a seller’s market is represented by a ratio of 20% or higher
    • a buyer’s market is represented by a ratio of 11% or lower
    • a balanced market rests between 12-19

November 2023 Newsletter Introduction

The gorgeous colour palette of Reds, Oranges and Yellow still leaves me at awe. I am very grateful to be living in a city where I get to see all four seasonal changes. October was memorable for me since the fact that my little one had their first Halloween – trick – or – treat experience. Got to checkout a fun pop up pumpkin patch and pumpkin after dark experience as a way to ring in the true Fall weather. Thanksgiving was a blur as I had experience the dreaded hand-mouth and feet disease. NOT FUN! However, the weather held up well and I got to enjoy a few more walk/hikes with my hiking partner before the temperature drops even further. 

Rates have been holding pretty well so far, so as of now – we’ll probably see no changes until January 2024. There has been a lull in both rental and real estate. It was definitely noticeably quiet in September where many families have settled in and returning/adjusting to the school/work routine. Prices have dropped slightly but many Sellers are still holding strong on pricing which result in more of a balanced market. 

– Sam

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Kim Phung

Kim Phung – I have been a patron to this restaurant for a long time. It’s not something particularly unique or stands out compare to the some of the new Vietnamese restaurants that elevated the cuisine to be more IG and aesthetically attractive for people to eat. However, the level of comfort and simplistic cooking is what you expect if you’re at home or in Vietnam hitting a vendor stall. My personal favorite is the dry seafood noodle bowl – it’s so well coated with their deep garlic and soy sauce that makes every strand so delicious. Many may hate me for saying this – but I prefer this item over the overwhelmingly popular Phnom Penh. Also – I truly love their spring rolls. It’s one of the most crispiness spring rolls I have had. I have also ordered their spring rolls for parties and they are always a great hit!
 
@foodblogprec

hangry_bunny

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Joju Hotpot 九州簡餐

Joju Hotpot 九州簡餐 – Needed a quick and reasonably priced place for lunch during the work hrs. Came across this Taiwanese place and felt a craving of some soupy noodles. I ordered the house special beef noodle. I didn’t expect much with the dish since the place was very quiet and didn’t seem very popular but I was happily surprised with the tenderness of the beef and the deep flavors from the soup. It really hit the spot for me. I also noticed that the owners spoke a Southern Guang Dong dialect which is a very bias confirmation that they’re food is pretty legit as many don’t really speak that language out here so I am assuming they have worked in the kitchen before in their home country. I’ll come by to try out their other items on the menu.  
 
@foodblogprec

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Highlights From the Real Estate Board September 2023

“A key dynamic we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years. With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.”

“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,300. This represents a 4.4 per cent increase over September 2022 and a 0.4 per cent decrease compared to August 2023. 

Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532 detached sales recorded in September 2022. The benchmark price for a detached home is $2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent decrease compared to August 2023. 

Sales of apartment homes reached 988 in September 2023, an 11.3 per cent increase compared to the 888 sales in September 2022. The benchmark price of an apartment home is $768,500. This represents a 5.8 per cent increase from September 2022 and a 0.2 per cent decrease compared to August 2023. 

“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”

Download The Real Estate Board of Greater Vancouver’s September statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s September Statistics Package. Click Here

Food for Thought on Real Estate – September

  • Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher
  • Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
  • Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
    • a seller’s market is represented by a ratio of 20% or higher
    • a buyer’s market is represented by a ratio of 11% or lower
    • a balanced market rests between 12-19

October 2023 Newsletter Introduction

LET’S WELCOME THE FALL – how quickly this season arrived – it was just last week where the temperature were still relatively warm and I was in my shorts and t-shirts! However, I’m aware Fall is one favorite season they can start wearing their Fall wear, and cozy themselves at home with anything pumpkin spice! I’m not much of a fan this pumpkin spice but I do love the seasonal colour changes that comes with it. I also recently celebrated the Mid-Autumn Festival. This particular festival was memorable to me as this was the first time my little one was able to fully participate and enjoy the experience. Next time – I’ll probably will have a lantern station to make lanterns!

So how was the September’s market performance? Talking to a few of my colleagues that there was some certain price points in certain locations have felt a sort of a lull with less demand in the area. Whereas, some are still experiencing demand and high interest but prices aren’t as competitive compare to before. Assuming that since interest rates are still the same – the rate itself is still high and it still leaves many buyers hesitate to pull the trigger. It’s more of a wait and see approach.  It’s also the same for homeowners who are close to the end of their mortgage term may need to reassess their ability to continue financing their home

– Sam

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Sushi Hil

Sushi Hil – Saw this on my IG feed. It definitely caught my attention due to the number of different tuna choices they had. I am a big fan of different cuts of Tuna so this place definitely was up my alley. Appreciated that since they didn’t have any liquor to offer, they encouraged us to bring our own. My favourite dish was the – Nagasaki Bluefin Tasting which I believe is one the many highlites of this place. The tasting of different Tuna was delightfully fresh and full of flavor. The fresh oysters with ponzu was refreshing and perfectly seared scallops as well. Highly recommend this place since they do change their menu from time to time there is always something new to look forward to. 
 
@foodblogprec

hangry_bunny

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Galbi Korean BBQ

Galbi Korean BBQ – It’s been a while since I found a galbi restaurant that I liked. The last one I had liked closed down during the Pandemic. Till this day, I still reminisce the amazing kimichi fried rice, the large kettle of Makoli and the simplistic menu of just pork belly and beef rib. The ambiance was a hole in the wall feel that filled with bbq smoke and tons of late night drinking patrons. This restaurant caught my eye because it was purely focus on just bbq – which is what I love the most. So when I found out about this place, I knew I had to try it. The menu was on the small side which I liked since it reminds me that they know what they’re good at, and they only want to focus only on that.
The quality of meat and the sauce they provided was exceptionally good and it was a great pairing. I did feel like the space between each table was very tight but the level of food and service was good. I would definitely go back for another round!  
@foodblogprec

hangry_bunny

Highlights From the Real Estate Board August 2023

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver1 housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.

“It’s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”

“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”

Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023.

Sales of apartment homes reached 1,270 in August 2023, a 27.4 per cent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 per cent increase from August 2022 and a 0.2 per cent decrease compared to July 2023.

“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”

Download The Real Estate Board of Greater Vancouver’s August statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s August Statistics Package. Click Here

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